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NC REC Post License Course 301 Exam Questions and Answers
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NC REC Post License Course 301 Exam Questions and Answers
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NC REC Post License Course 301 ExamQuestions and Answers
3 - Answer -Need to hold on to your WWREA for atleast _ years (both for clients that you do
work with and clients that you don't)
basics of agency and obligations - Answer -need to hand the client WWREA; need to discuss and
disclose all of the nuances of this brochure (working with real estate agents) The clients you
work with and don't need to sign this form
brokerage relationships - Answer -buyer-client: works with buyer's agent
seller's agent: working with the seller
seller's agent: can be also known as listing agent
a relationship is established with the buyer and one is established with the seller, even if both
are unknown
both are equally important
Fraud - Answer -if a party's agent engages in __, then any resulting contract may be voidable.
__ consists of:
- false representation or nondisclosure of a material fact
- made with knowledge of its falsity or in reckless disregard of its truth
- with the intent that it be acted upon by the other party and that is acted upon by that party to
his or her injury
,(all 4 must be met)
__ does not automatically make a contract void, if the defrauded party has the option to avoid
the contract or enforce it
caveat emptor - Answer -let the buyer beware
can have as many inspections as they wish
NC is a __ __ state
consumers have no duty to disclose anything, even when they have actual knowledge
sellers must provide RPOADS in most sales transactions: doesn't compel disclosure - no rep
option
sellers must answer honestly if they choose yes or no as an answer: if they choose no and the
answer is incorrect, thats a faliscation of info, gulity of falisying info about the property that
they knew did or didn't work
__ __ in no way reduces a broker's duty to discover and disclose all material facts
places the primary burden on the buyer to discover the property's true condition
unfair or deceptive practices - Answer -an act by a seller or seller's agent that does not amount
to fraud may still be found to be __ __ __ __. This includes providing a misleading opinion or
false inducement, failing to disclose a material fact, misleading ads, or misrepresenting the
nature or extend of a guarantee or warranty that occurs in a trade. The person injured is
entitled to treble damages
does not apply to all sales. exempt includes people selling their own property (who isn't apart
of real estate), agents who sell their own property are covered by the act
while a party need not prove fraud, proof of fraud automatically will constitute proof of __ __
__ __
treble damages - Answer -3 times the amount of damages
,duress - Answer -overcoming the will of a person and forcing the person into a contract by
violence or threat of violence, imprisonment or thread of imprisonment, threat of physical
injury to a family member or others, threat of wrongful destruction, injury, seizure, or
withholding of one's property or any other wrongful act that compels a person against their will
to enter into a contract
undue influence - Answer -may also invalidate a contract. this occurs when one person takes
unfair advantage of another in a contractual relationship bc of the parties' particular and
peculiar relationship, or one party's weakness of mind, or due to a party's particular necessitites
or distress
unfair and deceptive or trade practice - Answer -if a violation of the residential rental
agreement act by a landlord is also an __ __ __ __ __ __, then the tenant who has suffered
damages bc of the landlord's violation can recover treble damages
landlord's liability under the law of negligence - Answer -two fact situations:
- common areas under the land lord's control and
- rental unit occupied exclusively by tenants
property manager - Answer -an employee of a broker is an agent of the __ __ and a subagent of
the owner, just as a real estate firm is the primary agent of its principals and all of the firm's
affiliated agents are subagents of the company's principals
exactly the same - Answer -the duties owned by a broker to the owner-principal are __ __ __ as
the duties a seller's agent or buyer's agent to their principal under the law of agency and NC RE
Law
WWREA - Answer -While the _ _ _ _ disclosure brochure is not required in lease transactions,
brokers nonetheless are required to properly establish and/or disclosure their agency
relationships in property management/lease transactions. Must also clarify their agency
, relationship when/if an owner or tenant with whom they are working appears to
misunderstand the broker's role
agency agreement - Answer -The Commission's agency rule, requires that an __ __ btwn a
broker and a property owner be in writing from the inception of the relationship. The broker
must obtain a written property management agreement singed by the broker and the property
owners before rending any services on the property owner's behalf.
property management agreement - Answer -__ __ __ should clearly define the role and
authority of the property manager as the agent of the owner, specify the term of the
agreement, state the amount or method for calculating the property manager's fee, describe
the procedures for handling tenant security deposits and delineate the responsibilities of both
the property manager and the owner
management fee - Answer -the method for determining the property __ __ can vary as
indicated by the blank space for insertion of the fee agreement. Although in come cases a fixed
amount may be set as the monthly fee, the most common fee arrangement for residential
properties is to express the broker's fee as a % of actual gross rents received. Normal to also
provide a minimum monthly fee that will apply if the fee calculated on a % of rents basis is
lower than the prescribed min fee.
preparing a management plan - Answer -1st step: develop a comprehensive management plan
this involves a thorough property analysis & market analysis. both the property owner and the
broker should have a clear understanding as to the profit each can reasonably expect to earn
from operation of the rental.
NCREC - Answer -the rules come from __ __ __ __ __, 58A rules. 58 of each: Rule A.0104, Rule
A.0106, Rule A.0115, Rule A.0116, Rule A.0117 - create the rules around the forms
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